Iraq and the US signed energy-sector agreements and contracts worth around $200 billion during Prime Minister Ali Al-Zaidi’s visit to Washington, according to Bassem Khudair, Iraq’s Oil Minister.

The deals are expected to support job creation, expand Iraq’s oil and gas reserves and production capacity, and deliver broader social benefits, including scholarship opportunities.

Khudair said Iraq’s total oil production capacity has exceeded 4.8 million barrels per day as part of a strategic plan to develop the country’s energy sector. 

He added that the agreements would further boost production and create employment opportunities.

Khudair said Iraq signed seven key agreements during the visit and noted that 22 international companies are currently operating in the country’s oil fields.

The minister said Iraq is on track to achieve natural gas self-sufficiency by 2030 and has already reached self-sufficiency in gas oil (diesel) and kerosene. 

The country currently produces around 30 million litres of gasoline per day, although challenges remain in fuel distribution.

On Opec, Khudair said Iraq is engaged in “serious and constructive dialogue” with the organisation to increase its oil export quota.

“The government remains committed to securing the export share Iraq deserves, while taking into account the exceptional circumstances the country has endured as a result of wars and the destruction of its infrastructure,” he said.